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Stocks Soar After Reversing Losses on Hotter Than Expected Inflation Report

Stock Markets Oct 13, 2022 12:00PM ET
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By Liz Moyer

Investing.com -- U.S. stocks were in a sharp reversal, rising after earlier losses as investors absorb inflation data for September that showed inflation is running hotter than expected.

At 11:55 ET (15:55 GMT), the Dow Jones Industrial Average was up 543 points or 1.8%, while the S&P 500 was up 1.7% and the NASDAQ Composite was up 1.5%.

The inflation report gives the Federal Reserve more reason to continue on its aggressive path of interest rate hikes when it meets in early November.

The consumer price index rose 8.2% for the year ending in September, a notch more than expected. Core CPI, which doesn’t include food and fuel, rose 6.6%, also a notch more than expected. 

A day earlier, data on producer prices showed inflation in that segment also rose more than expected last month.

The expectation is now that the Fed will raise rates by another 0.75 percentage point, which would be the fourth such hike in a row as it works to beat down inflation. Minutes from its meeting in September showed the policymakers are determined to beat inflation, despite the risk of pain in the economy.

Grocery giant Kroger (NYSE:KR) is talking to rival Albertsons (NYSE:ACI) about a possible deal, according to multiple reports, and an announcement could come this week. Kroger shares were down 1.1%, while Albertsons shares jumped 11%.

Applied Materials Inc (NASDAQ:AMAT) shares were up 4.4%% after it warned on revenue for the fiscal fourth quarter, saying new rules about exports to China would cut into results. 

Walgreens Boots Alliance Inc (NASDAQ:WBA) shares rose 5% after it beat expectations and raised its outlook for sales.

Stocks Soar After Reversing Losses on Hotter Than Expected Inflation Report
 

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Comments (14)
Johnny Ancich
Johnny Ancich Oct 14, 2022 10:25AM ET
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The spending bill to fight inflation is working well !   <sarcasm>
Prison Mike
Prison Mike Oct 13, 2022 1:14PM ET
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Market opens -1.7%.  *BLINKS EYES*  Market +2.5%. The stock market is becoming a real life meme.
Viv Dubey
Viv Dubey Oct 13, 2022 1:12PM ET
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anyone knws d reason of upmove?
Sumit Soni
Sumit Soni Oct 13, 2022 1:12PM ET
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oversold mkt
John Hill
John Hill Oct 13, 2022 1:10PM ET
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Short covering underway to take in profits! Tomorrow or Monday look out below!
Bobby Wilkes
Bobby Wilkes Oct 13, 2022 1:10PM ET
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you are absolutely correct!
Bobby Wilkes
Bobby Wilkes Oct 13, 2022 1:10PM ET
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you are absolutely correct!
Bobby Wilkes
Bobby Wilkes Oct 13, 2022 1:10PM ET
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you are absolutely correct
Don Sebiald
Don Sebiald Oct 13, 2022 1:09PM ET
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Isn't the reversal due to the Initial Jobless Claims release (228K 225K 219K) i.e. bad news is good news?
Jim Divers
Jim Divers Oct 13, 2022 12:58PM ET
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Lets see the headline in this market jump! Better hurry as may reverse when the big boys take the profit fir today.
Heine Pedersen
Heine Pedersen Oct 13, 2022 12:52PM ET
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Got nothing to do with reality.. But greedy Wall Street option traders with way to much capital to play with. It is a never ending story..
Bhagwan Dass
Bhagwan Dass Oct 13, 2022 12:47PM ET
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which person give this bogus report
Brad Albright
Brad Albright Oct 13, 2022 12:47PM ET
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"By Liz Moyer" If you are unable to identify the author of the article, I doubt you are competent enough access its veracity
CS Greer
CSGreer Oct 13, 2022 12:47PM ET
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Brad doesn't know the difference between an Author and government bureaucracy. I think that's true for all Liberals. See: "inflation report", not "article"
Brad Albright
Brad Albright Oct 13, 2022 12:47PM ET
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CS Greer If that's what he meant, then I misunderstood and apologize. Admitting mistakes: a trait missing from the propagandized right.
Takis Karalivanos
Takis Karalivanos Oct 13, 2022 12:47PM ET
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Wtf is going on...
Stan Smith
Stan Smith Oct 13, 2022 12:42PM ET
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Wall St profits, while Main St spirals deeper into *******
 
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